Beijing, Feb 5 () The combined value of Chinese banks has surpassed that of US banks for the first time as they emerged as global leaders by asset base as well as brand value, a report by a business valuation consultancy has said.

The report by the London-based Brand Finance Banking 500 places Industrial and Commercial Bank of China as the world's most valuable bank, with a brand value worth USD 47.8 billion, representing a 32 per cent year-on-year growth.

Marketing investment and the brand s credibility with customers, staff and shareholders, among other factors, are taken into consideration in calculating brand value.

The report said Chinese banks have an aggregate total brand value of USD 258 billion, accounting for 24 per cent of the total brand value of the top 500 global banks by brand value, compared with 23 per cent for US banks, state-run China Daily quoted the report as saying.

Zhou Jingtong, division head and professor at Bank of China s Institute of International Finance, said: "The brand value growth of Chinese banks is closely related to the continuous rise of China s contribution to the global economy.

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